Rakbank Becomes First UAE Bank to Offer Crypto Trading to Retail Customers
Rakbank, the National Bank of Ras Al Khaimah, has officially become the first traditional financial institution in the United Arab Emirates (UAE) to offer retail cryptocurrency trading through its mobile banking application. Powered by Austria-based Bitpanda, the newly launched feature allows users to seamlessly buy, sell, and swap digital assets directly from their AED accounts.
In a statement released Tuesday, Rakbank’s Group CEO Raheel Ahmed remarked: “We recognize the opportunity this solution will provide to customers in the UAE, as we believe they deserve a more efficient and seamless crypto buying, selling and swapping journey that is fully regulated and entirely in AED [dirhams].”
Crypto Access Integrated into Banking Infrastructure
The service marks a significant step for the region’s banking sector. Unlike traditional avenues that require users to transfer money to external crypto exchanges or incur foreign exchange fees for currency conversion, Rakbank’s integration with Bitpanda’s infrastructure simplifies the entire process. This includes trade execution and secure custody management, all handled through Bitpanda Broker MENA DMCC, a VARA-regulated entity based in Dubai.
“We are proud to be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world-class digital assets platform,” added Raheel Ahmed.
Currently available by invitation only, the crypto trading feature will see a wider rollout to Rakbank’s retail customer base in the coming months.
Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, highlighted that the move represents “a big moment for digital assets in the region.” Bitpanda, regulated in multiple European countries, has formed similar institutional partnerships with other prominent financial institutions including Deutsche Bank, N26, and Raiffeisen Bank.
Strengthening UAE’s Crypto Ambitions
This launch follows Rakbank’s ongoing efforts to support the UAE’s growing presence as a hub for blockchain innovation. Last year, the bank signed a strategic alliance with Bitpanda to establish a digital asset trading platform tailored for UAE residents. Calling digital assets the “future,” Rakbank emphasized their potential to create more efficient and secure financial services.
The UAE continues its drive to become a central player in global digital finance. The Dubai Multi Commodities Centre (DMCC) has already drawn over 600 crypto enterprises to its free zone, while the Dubai International Financial Centre and One Central district have accepted major industry players as well. Meanwhile, the Dubai Financial Services Authority—regulator of DIFC—recently approved the stablecoin RLUSD developed by blockchain firm Ripple.
As the UAE sharpens its focus on digital transformation in financial markets, Rakbank’s entry into regulated retail crypto services paves the way for broader adoption and innovation in the region.
Team V.DIR-EM-UAE
